China Industrial profits data for May: -6.5% y/y (prior -8.6%)

China Industrial profits data for May come in at +1% YTD y/y

• prior +3.5% YTD y/y

and -6.5% y/y for the month alone

• prior -8.6% y/y

Chinese state media is citing the YTD results (up1%) in their reports.